UPDATE 9-Oil ticks up on global economic outlook, plummeting U.S. fuel inventories

* U.S. crude stocks surge, output up in Texas freeze
recovery -EIA
* OECD raises forecast for global economic growth

(New throughout; updates prices, market activity and comments
to settlement)
By Laila Kearney
NEW YORK, March 10 (Reuters) - Oil prices rose on Wednesday
on an upbeat forecast for global economic recovery and as U.S.
gasoline inventories plummeted, but prices were limited due to a
surge in crude oil inventories in the aftermath of last month's
Texas winter storm.
Brent crude LCOc1 settled at $67.90 a barrel, gaining 38
cents, or 0.6%. U.S. West Texas Intermediate crude CLc1
settled at $64.44 a barrel, rising 43 cents, or 0.7%.
U.S. gasoline stocks dropped by 11.9 million barrels last
week and distillates, which include diesel and heating oil, fell
5.5 million barrels, the Energy Information Administration said,
sharper than analysts' expectations in a Reuters poll for a 3.5
million-barrel drop each. EIA/S
Crude oil stocks, however, jumped 13.8 million barrels last
week, far exceeding forecasts for a 816,000-barrel rise, as the
nation's oil industry continued to feel the effects of a winter
storm mid-February that stalled refining and forced production
shut-ins in Texas. EIA/S
"Production has rebounded back to pre-storm levels while
refinery runs struggle to recover," said Matt Smith, director of
commodity research at ClipperData.
The pandemic-hit global economy is set to rebound with 5.6%
growth this year and expand 4% next year, the Organisation for
Economic Cooperation and Development (OECD) said in its interim
economic outlook. Its previous forecast had been for growth of
4.2% this year.
"When it comes to lifting market sentiment, there is very
little that can rival an upgrade to the post-COVID economic
recovery," said Stephen Brennock of broker PVM.
Oil prices have been steadily rallying for several months as
OPEC+ - consisting of the Organization of the Petroleum
Exporting Countries and allies - kept supply curbs in place.
After briefly touching $70 per barrel earlier this week, Brent
crude has edged off.
OPEC+ agreed last week to largely maintain production cuts
in April. Saudi Arabia's foreign minister said that the kingdom and
Russia were keen for fair oil prices and will continue their
cooperation in the framework of the OPEC+ group.